EXHIBIT 12
Computation of Ratio of Earnings to Fixed Charges
($’s in 000’s)
($’s in 000’s)
| Years ended December 31 | ||||||||||||||||||||
| 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
Fixed Charges: | ||||||||||||||||||||
| Interest charges (per I/S) | $ | 18,852 | $ | 23,353 | $ | 16,353 | $ | 14,370 | $ | 14,764 | ||||||||||
| Less: net amortization of debt discount and premium and issuance expenses | 288 | 460 | 456 | 686 | 580 | |||||||||||||||
| Adjusted interest charges | 18,564 | 22,893 | 15,897 | 13,684 | 14,184 | |||||||||||||||
| Add: Net amortization of debt discount and premium and issuance expense | 288 | 460 | 456 | 686 | 580 | |||||||||||||||
| Interest portion of rental charges | 414 | 686 | 552 | 542 | 555 | |||||||||||||||
Total fixed charges | $ | 19,266 | $ | 24,039 | $ | 16,905 | $ | 14,912 | $ | 15,319 | ||||||||||
Earnings: | ||||||||||||||||||||
| Pre-tax earnings | $ | 198,703 | $ | 235,164 | $ | 201,893 | $ | 167,219 | $ | 133,846 | ||||||||||
| Interest charges | 18,564 | 22,893 | 15,897 | 13,684 | 14,184 | |||||||||||||||
| Net amortization of debt discount and premium and issuance expense | 288 | 460 | 456 | 686 | 580 | |||||||||||||||
| Interest portion of rental charges | 414 | 686 | 552 | 542 | 555 | |||||||||||||||
Total earnings | $ | 217,969 | $ | 259,203 | $ | 218,798 | $ | 182,131 | $ | 149,165 | ||||||||||
Ratio of earnings to fixed charges | 11.3 | 10.8 | 12.9 | 12.2 | 9.7 | |||||||||||||||
| Note: | Currently amortization of debt discount and premium and issuance expenses are recorded and included within the interest expense line item. The above analysis starts with interest expense per the income statement and then subtracts the amortization figure in order to get to a “true” interest expense amount. |